Diminished Value (help needed)

[65 Cobra]

Wow just read your other thread. Your son is in school. Driving for only 5 months and was driving a $51k car. He gets hit by someone and I’m quessing your working out all the details ?

Can you adopt me ?

I might be older than you but I’m young at heart and I’m from the generation that says please and thank you. I’ll even take out the garbage, clean the kitchen and cut the grass without being told.

He is 16 so legally the car is mine, thus I am taking the lead on the details.

As to how I plan on using the data...I really just wanted to prove the market value. I have spoken to a couple dealers and a neighbor that owns a high end European resale dealership. They all say accident stigma will reduce the value 15-20% over a clean history car.

Sponsored

 

[Rock&Roll]

He is 16 so legally the car is mine, thus I am taking the lead on the details.

As to how I plan on using the data...I really just wanted to prove the market value. I have spoken to a couple dealers and a neighbor that owns a high end European resale dealership. They all say accident stigma will reduce the value 15-20% over a clean history car.

OMG a 16 year old that drives a 51k Mustang. Life is good for him.

My 1st car was a $300 VW Bug that I had to drive around with tools and a extra motor in the back window space thingy area because it broke down every other day. One time the battery fell thru the floor because the floor was so rusted out. Good times !!!

 

[Interceptor]

Don't know about his child, but most new adults could care less. I believe we are in the last day of being in love with cars. Soon to be a lost generation.

 

[showbbq]

Don't know about his child, but most new adults could care less. I believe we are in the last day of being in love with cars. Soon to be a lost generation.

Do you also stand on your porch and shake your walking stick at the kids who won't get off your lawn?

 

[65 Cobra]

Don't know about his child, but most new adults could care less. I believe we are in the last day of being in love with cars. Soon to be a lost generation.

I believe you are pretty spot on. I am 44 and when I was a kid all my friends lived for cars. That was our passion in high school. That is just not the case today.

 

[65 Cobra]

So I have an offer.

1,920 in diminished value
925 in loss of use.

This was the first offer and I have not accepted.

Is this fair?

 

[Jetnoise]

All in.....2845 doesn't sound to unreasonable to me. Buy some Ford stock with it ;)
Diminished/Loss of value on a trade-in vs deprciation values in the retail sales data in your earlier chart don't align in computation from my perspective. If you are still thinking it's in the 4-8k range you'll have an added expense to lawyer up. Personally I'd respectfully sweet talk your adjuster/poke the frog to see if there is any more there.....if there is ....and your professional bout it, they'll let you know right away to close out the claim.

You could take it to a dealership under the guise you want to trade it in and get a trade number from them on it's before you divulge the accident (if they don't run a car fax) then play the want to be transparent card and see what they say the diminished value is as of today. My guess is the number will be larger today than it will be in 5-7 years & You might be surprise at the $ amount they deduct.

My $.02 but worth maybe $.03

 

[65 Cobra]

All in.....2845 doesn't sound to unreasonable to me. Buy some Ford stock with it ;)
Diminished/Loss of value on a trade-in vs deprciation values in the retail sales data in your earlier chart don't align in computation from my perspective. If you are still thinking it's in the 4-8k range you'll have an added expense to lawyer up. Personally I'd respectfully sweet talk your adjuster/poke the frog to see if there is any more there.....if there is ....and your professional bout it, they'll let you know right away to close out the claim.

You could take it to a dealership under the guise you want to trade it in and get a trade number from them on it's before you divulge the accident (if they don't run a car fax) then play the want to be transparent card and see what they say the diminished value is as of today. My guess is the number will be larger today than it will be in 5-7 years & You might be surprise at the $ amount they deduct.

My $.02 but worth maybe $.03

Thanks, those charts were to just establish a current value.

In the end, the insurance company never asked for anything and I did not provide. Farmers said they could not estimate using NADA because the car was too new and used a value of 47k to get to the numbers they provided.

I am thinking it is a reasonable offer.

 

[Jetnoise]

Poke the frog! But have a number in your mind.....an additional 500 or what ever your thinking....and tell them you'll be happy and close out the claim

 

[65 Cobra]

We are stuck at 2K in diminished value and 975 for loss of use. I am basically grouping those together and viewing it as 2975 in diminished since I never expected loss of use.

I think I am going to just let the waiver sit on my desk a few week and then sign it if nothing better comes from Farmer's.

I have talked to 3 diminished value recovery services that want me to signup and estimate 4-6K in recovery after their $400 fee. I feel they are overselling the real diminished value.

Sponsored